Magyar Telekom Tavkozlesi Nyrt to Sell 100% Shareholding in Pro-M Zrt

Magyar Telekom Tavkozlesi Nyrt announced that it signed a share purchase agreement to sell its 100% shareholding in Pro-M Zrt. to National Infocommunications Service Company Limited by Shares. As consideration for the equity sale, Pro-M loans from Magyar Telekom and Pro-M’s working capital needs, the total price of the transaction is HUF 19.9 billion. A final breakdown of the total transaction price will be determined at closing, which is expected to take place at the end of August 2012. Pro-M Zrt. was established by Magyar Telekom and T-Mobile Hungary in 2005 to build out and operate a national Unified Digital Radio Network (EDR) system in Hungary.